Real Estate trends are regional, you should contact a local Realtor to get an idea on how your market is moving. They will be able to give you an idea of how comparable homes are selling around yours and allow you to make a more educated descision. I would also take in to account the 'Stimulus Bill' and what affect it will have on the housing market.
Jason Ewing, GRI/CNS
Coldwell BAnker Triad, Realtors
How long have you owned your home and how much do you have invested? Are you in a city or rural area? Have you spoken to an ERA agent in Knoxville, TN or do you need a recommendation?
In a buyer's market only the best homes sell because buyers can be choosy.
You should have a Realtor that knows your local market values and trends, your home, and your personal situation meet with you to analyze your situation. Only someone that has the facts should be advising you.
If you are thinking of selling, I would also go to some open houses and see what your competition might be like. It time is on your side now is a great time to start preparing your home for sale. HGTV.com has come great tips for home sellers. So does the Learning Channel and Discovery Channel.
The age or condition of you house does not matter.
The condition of the market should be your main concern and it is not getting any better.
Now is the time to sell Jan no matter what the condition.
Price the property properly and get into action.
This declining market will only continue so if you wait chances are your property will be worth less.
All the best,
Feel free to go to my web site listed below for free advice on how to use the Internet to sell your property
Where is your house located?
There were 208 houses that closed this January in Knoxville, compared to 289 January 2008. Not all sales have posted for January yet, but sales seem to be down. What I would recommend is having an agent help you determine what fair market value is for your home today. Then, you can decide if you want to sell in this market.
Personally, I've sold 3 of my listings this month (Feb) all within 96.2% of asking price. If I can help you further, feel free to contact me.
Sources: Knoxville Association of Realtors